Application Duration for Business Account is a Joke

Monzo Chat Business Banking
#1

Good morning Community

I’m not sure if anyone from Monzo staffing reads these posts, but I can’t express enough how frustrated I am at the process to open up a business account.

It’s now been over 2 weeks since I started an “application” for a business account on a newly created Ltd company with 2 directors (myself included as a Monzo personal customer). After 10 days of receiving the same automated, standard, and quite frankly useless message of “we’re verifying your application we’ll let you know when it’s done” I was eventually informed that the other director also needs to be a Monzo personal customer (I didn’t know this, but hey, my bad). After a few minutes of getting this account set up, here I am now 15 days later with the same status of “please bear with us, we’ll update you when we’re done” and no further progress. how long can it take to verify a few simple details?

As a premium personal account holder, I am actually shocked at how bad his service is, considering I want to potentially place a lot of money into Monzo’s coffers. I’ve raved about how good Monzo is for a couple of years now, but unfortunately, after this lousy service from the business side of things, I’m not sure I would stick with this bank.

Sorry, rant over - has anyone else had issues like this? I see on the forum it’s a common theme, but 15 days?

Cheers,
Lee

#2

It would appear so

My feeling is that Monzo are spectacularly good sometimes, above average often, and spectacularly poor occasionally.

4 Likes
#3

Sounds about right :see_no_evil:

#4

One for @AlanDoe to escalate?

2 Likes
#5

I’ve never understood why the amount of money you claim to have access to should be a factor in any experience. It comes across as a kind of snobbery, as if those with less should expect a lower level of service, but having more means you should be above such things. Is that just me?

Apologies, that doesn’t help your situation, it was just something that stood out; I hope you get a resolution soon.

2 Likes
#6

Hey Lee :wave:

Just want to make sure I’ve read this right and point you in the right direction.

Has it been 15 days since your partner opened up their Monzo account and the details were passed on to our Business Banking team?

1 Like
#7

Thanks, Alan, no 15 days since the initial application.

Cheers,
Lee

#8

Ah, here’s me thinking Monzo were a bank, that you know, require >money< to survive and operate (other people’s money I might add, that they make, you know >money< off).

Nothing to do with snobbery (your words, and I expect no more or less service than anyone else, thanks) and everything to do with facts.

#9

Thanks, Colin

#10

Cheers for that Lee :pray:

My thoughts would be that as soon as we got the info from you regarding your partner’s Monzo account that’s when our team would be able to carry out all the necessary checks.

If that was recent - then our team can potentially take a few days to get these checks fully signed off.

The best course of action would be waiting on a reply on the in app chat if that’s where you raised this.

1 Like
#11

That isn’t how it works.

Hopefully you get your account open soon!

#12

Thank you Revels, I’m not sure what your post aims to point out (and I’d like to also state that I never raised this to begin with, whatsoever) but the simple fact of the matter is, without customers putting money into banks (you and I, whether it’s 1 person putting a billion £ in, or a billion people putting £1 in), they fold.

#13

My point was if you put in £500 or £5,000,000 it doesn’t help Monzo “make money” as such, other than the tiny tiny interest on a balance. It doesn’t mean that if you leave a lot of money in there that Monzo can lend it all out and make money from it.

They’ll make money from you using your account with fees, using your card or paying for the upgraded account etc

From the threads about accounts being opened, if all is perfectly aligned as Monzo wish, then it’s a very quick process. If there’s any sort of bump in the road, there can be big delays and it’s not the most transparent process. I didn’t realise all applicants need a personal account too, that seems excessive.

As it’s only been 5 days since the other person/people got their account and that would have involved the weekend, hopefully you’ll hear soon.

1 Like
#14

Thanks, Revels, I agree, all good points, which again I didn’t raise :nerd_face:

Having to wait isn’t actually the core of the issue. It’s the total lack of communications and repetitive messages. If I need to wait a month, that’s fine - just tell me, and help me understand why it takes 1 month to open an account for a Ltd company with two directors! I’ve had mortgages approved in a day?

#15

Thanks, Alan :+1:t4:

1 Like
#16

I applied 5 days before but not respond same message …:rage: